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SOUTH KOREA: Korean Futures Jump Post Holidays.    

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News

 

  • In the first day of trading this week, Korean futures were strong in early trading with the 10YR outperforming.
  • The Korean 10YR future is +0.44 at 118.50 and the 3YR future is +0.08 at 106.99.
  • The 10YR move higher is now outside all major technical levels with the 20-day EMA at 117.93, 50-day EMA 117.86, 100-day EMA 117.73 and 200-day 117.63; and is now at levels last seen in mid-December.
  • The 3YR future is also trading above all key technical levels with the 20-day EMA of 106.832 the nearest.
  • Market pricing has 18ps of cuts over 3-month time horizon, 61bps over 1-year.
  • Despite surprising the market and not cutting at their last meeting, in the BOK’s press conference after they indicated that they are in a rate-cutting cycle.
  • The cash market is seeing front end yields gapping lower with the 2YR down 7bps at 2.63%, the 3YR -3bps at 2.559% and the 10YR -2.5bps at 2.837%
  • Over the weekend Korea will release January trade data, next week sees Industrial production, PMI Manufacturing and CPI.
  • The BOK next meets on February 25. 
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  • In the first day of trading this week, Korean futures were strong in early trading with the 10YR outperforming.
  • The Korean 10YR future is +0.44 at 118.50 and the 3YR future is +0.08 at 106.99.
  • The 10YR move higher is now outside all major technical levels with the 20-day EMA at 117.93, 50-day EMA 117.86, 100-day EMA 117.73 and 200-day 117.63; and is now at levels last seen in mid-December.
  • The 3YR future is also trading above all key technical levels with the 20-day EMA of 106.832 the nearest.
  • Market pricing has 18ps of cuts over 3-month time horizon, 61bps over 1-year.
  • Despite surprising the market and not cutting at their last meeting, in the BOK’s press conference after they indicated that they are in a rate-cutting cycle.
  • The cash market is seeing front end yields gapping lower with the 2YR down 7bps at 2.63%, the 3YR -3bps at 2.559% and the 10YR -2.5bps at 2.837%
  • Over the weekend Korea will release January trade data, next week sees Industrial production, PMI Manufacturing and CPI.
  • The BOK next meets on February 25.